Commitments announced during the first week of the UN Cop 28 climate summit to cut CO2 and methane emissions and boost renewable energy and energy efficiency would plug less than a third of the emissions gap if fulfilled, the IEA said.
The pledged emissions cuts by 2030 would represent "only around 30pc of the emissions gap that needs to be bridged to get the world on a pathway compatible with limiting global warming to 1.5 C", the IEA said, based on its net zero emissions by 2050 scenario.
The emissions gap is the difference between countries' climate pledges and the emissions cuts required to align with the Paris Agreement's temperature limit. The Paris accord seeks to limit global warming to "well below" 2°C above pre-industrial averages and preferably to 1.5°C.
"While the pledges are positive steps forward in tackling the energy sector's greenhouse gas (GHG) emissions, they would not be nearly enough to move the world onto a path to reaching international climate targets," the IEA said.
A total of 50 oil and gas companies, representing over 40pc of global oil production and 35pc of combined oil and gas production, pledged to reach "net zero operations" by 2050 and "near-zero upstream methane emissions" by 2030. They also promised to end routine flaring by 2030 under the so-called Oil and Gas Decarbonisation Charter.
Over 60pc of the signatory firms are state-owned or state-controlled oil companies. They include the UAE's Adnoc and Snoc, Norway's Equinor, Kazakhstan's Kazmunaigas, Nigeria's NNPC, Indonesia's Pertamina, Brazil's Petrobras, Saudi Arabia's Aramco and Azerbaijan's Socar. International oil company signatories include BP, Eni, ExxonMobil, Lukoil, Mitsui, Occidental, Repsol, Shell and TotalEnergies.
Around 130 countries, out of the around 200 parties to the UN Framework Convention on Climate Change (UNFCCC), have pledged to triple global renewable power capacity by 2030 and double the annual rate of energy efficiency improvements. Those countries account for 40pc of global CO2 emissions from fossil fuel use, 37pc of total global energy demand and 56pc of global GDP, according to the IEA.
The OECD energy watchdog found that if all these pledges are delivered, global energy-related GHG emissions in 2030 would be around 4bn t of CO2 equivalent lower compared with its current stated policies scenario.
